Dundee Residential Redevelopment
The acquisition and works to-date have been self funded and on completion the scheme value will be £2m with an average apatrment value of £167,000. To finish the conversion by experienced developers/investors of a former nightclub in central Dundee into 12 apartments for re-sale.
Loan Amount
£450,000
Loan Term
12 months
REPAID
Lender Interest Rate
8.25% p.a.
Loan To Value (LTV)*
11% (initially launched at 23% and subsequently reduced with proceeds from apartment sales)
Key Loan Details
Security
1st Legal Charge
Guarantee
Yes - Personal guarantee from the directors for interest due under the loan
Additional collateral
Yes - floating charge from the Borrower
Interest serviceability
From retained loan proceeds for 9 months and thereafter by the Borrower from net sale proceeds.
Capital Repayment
From the sale of individual apartments.
Purpose of loan
Refinance/Redevelop
Key Property Details
Valuation
£2,000,000
Use
Residential
Location
Scotland
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